The Maryland General Assembly passed a $61 billion budget Friday that includes expansions of health care services, funding for public education, and tax cuts on baby products and other health care items, as well as for retirees in Maryland. Governor Hogan signed the tax cuts in a bill signing ceremony alongside President Ferguson, Speaker Jones, [...]
The Board of Revenue Estimates voted to increase the revenue projections for the current and upcoming fiscal years by $1.6 billion. The Board - comprised of Comptroller Peter Franchot, Treasurer Dereck Davis and State Budget Secretary David Brinkley - increased the state’s tax revenue projection for the current fiscal year to $22.5 billion, an $867 [...]
Governor Larry Hogan submitted a $480 million supplemental budget to the General Assembly for Fiscal Year 2023, including funding for first responders, economic development in rural counties, renters and homeowners, and restores Blueprint funding for Baltimore and Prince George's County school systems. From the Governor's press release: “With this supplemental budget, we are providing critical [...]
Governor Hogan released details yesterday of his Fiscal Year 2023 proposed budget. As described in the Governor’s press release, the surplus budget “strengthens the state’s Rainy-Day Fund to record levels, delivers major tax relief to retirees and working families, expands relief for vulnerable Marylanders, makes record investment in K-12 education and school construction, increases funding [...]
Governor Hogan held a press conference yesterday where he announced a $4.6 billion tax cut for retirees, small businesses, and lower-income Marylanders. The proposal would be funded through Maryland's budget surplus. From Governor Hogan's press release: “Next to our health recovery from the worst pandemic in more than a century, nothing is more important than [...]
The State and local governments can begin to access funding through the $2 trillion American Recovery Act. Of Maryland's $6 billion share, the State will receive $3.7 billion, counties $1.1 billion, cities with more than 50,000 residents will split $619 million, and smaller cities and towns will share approximately $529 million. Guidance issued by the [...]
The House Appropriations Committee was briefed by the Department of Legislative Services (DLS) on potential reductions to address a revenue shortfall of $200 million to $350 million they are expecting to be announced next week. From MarylandReporter, The House Appropriations Committee is supposed to finish its work on the Hogan administration’s $46.6 billion budget March 8. [...]
The Spending Affordability Committee (SAC), composed of members of the General Assembly and two public members, recently recommended that the fiscal 2019 budget as introduced by the Governor and approved by the General Assembly eliminate the structural deficit by 100%. The structural deficit is estimated to be $298 million for the fiscal year beginning July 1, [...]
